Transfer of money from foreign country.
This query is : Resolved
17 November 2016
Dear Sir/Mam,
My relative has timber business in Malaysia and he wants to transfer money from Singapore to India in NRE account whether there is any tax implications in India or not.
Any disclosure, documents regarding sources of income required or not, income tax return required or not.
Complete procedure for money transfer and it's implications.
His wife has saving account in Indian and some income like gift from relatives and other cash income. Can return of income filled now for cash income.
Both are NRI. Weather NRO account is compulsory for Indian income or not. Can income can be deposited in normal saving account and return on the basis of this can file?
My relative has timber business in Malaysia and he wants to transfer money from Singapore to India in NRE account whether there is any tax implications in India or not.
Any disclosure, documents regarding sources of income required or not, income tax return required or not.
Complete procedure for money transfer and it's implications.
His wife has saving account in Indian and some income like gift from relatives and other cash income. Can return of income filled now for cash income.
Both are NRI. Weather NRO account is compulsory for Indian income or not. Can income can be deposited in normal saving account and return on the basis of this can file?
17 November 2016
If he is an NRI, income from Malaysia is not taxable in India. He can deposit the receipts in any bank accounts,
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17 November 2016
Sir any documents need to bring from outside. Money will transfer from Singapore.
In India also there is some properties, fixed deposits and jewellery.
Jewellery is brought from Malaysia and some is from marriage.
Fixed deposits are through gift income.
Property is through family division and money brought from Malaysia in cash.
Also there is some cash income in Indian as he yearly visit India for some days.
I want to file return of income of his wife and his. Weather all properties are required to disclose or not. Weather any disclosure of properties in foreign country require to disclose.
In India also there is some properties, fixed deposits and jewellery.
Jewellery is brought from Malaysia and some is from marriage.
Fixed deposits are through gift income.
Property is through family division and money brought from Malaysia in cash.
Also there is some cash income in Indian as he yearly visit India for some days.
I want to file return of income of his wife and his. Weather all properties are required to disclose or not. Weather any disclosure of properties in foreign country require to disclose.
17 November 2016
You should keep neccessary evidences to prove that the income are earned from outside india. All Income earned from India are liable to tax in India irrespective of his residential status. You are required to disclose all income & asset
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17 November 2016
Sir
Weather evidence like bills of jewellery are required or not if I will disclose it.
What types of documents are required for foreign income.
Weather evidence like bills of jewellery are required or not if I will disclose it.
What types of documents are required for foreign income.
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